If you are at the point in your life where you are relying on Medicare for your health insurance coverage, you are going to want to consider getting Medicare Supplement Insurance Plan coverage to take care of all your medical insurance needs. This type of insurance is more commonly referred to as Medigap. Medigap is all about covering the "gaps" in health care coverage that original Medicare doesn't take care of.
Medigap Plans Are Offered by Private Companies
Medicare is provided by the federal government. Medigap plans are provided by private health care provides. However, the type of coverage that is offered with each plan is regulated by the federal government. Each plan has to offer standardized features.
Additionally, each plan has to offer you the ability to renew your policy as long as you keep up with your premium. So although Medicare Supplement Insurance Plans are offered by private health insurance providers, the rules that govern the application of these plans are regulated by the federal government in order to keep the plans fair.
Medigap Plans Are Identified by Letters
When it comes to Medicare Supplement Insurance Plan coverage options, they are identified by letters. The coverage is called Medigap A, B, C, D, F, G, K, L, M, and N. Each of these letters represents a slightly different type of plan.
However, each company that offers a particular letter plan is offering the same as another company. For example, if Private Company #1 is offering Medigap Plan C and Private Company #2 is offering Medigap Plan C, they are both offering the same plan with the same benefits. What will differ is the premium that you pay, as each insurance company can set their own pricing structure.
When to Purchase Medigap Plan
You can't just enroll in a Medicare Supplement Insurance Plan whenever you want. You can enroll in a plan during your first enrollment option when you turn 65 and get Medicare coverage for the first time. This is a great time to enroll as you can't be denied coverage based on your healthcare history.
Or you can enroll during the yearly open enrollment period for all Medicare plans. During the open enrollment period, you can change your coverage however you see fit. This period comes up once a year and gives you an opportunity to get the best additional health care coverage to fit your changing medical needs.
When it comes to Medigap plans, what the plans offer is regulated by the federal government, and once you are enrolled, you get to keep your coverage. Medicare Supplement Insurance Plan pricing is set by the private insurance companies that offer the plans. Reach out to a professional near you who offers Medigap plans.